Alternative Investments

Alternative Solutions - Part of Our Heritage and Our Future

Calamos has been a pioneer in alternative investing for more than two decades,
including the Calamos Market Neutral Income Fund, one of the first liquid
alternative mutual funds established in 1990. We also offer a long/short strategy.

Calamos introduces the long/short equity capabilities to our suite
of alternative investment solutions. The strategy allows for both
long and short positions through a collaborative team investment approach,
rigorous fundamental analysis, and deep sector expertise.

Before investing carefully consider the fund's investment objectives,
risks, charges and expenses. Please see the prospectus and summary prospectus containing
this and other information or call 1-800-582-6959. Read it carefully before
investing.